From: jeffrey E. <jeevacation@gmail.com>
Sent: Monday, August 17, 2015 3:09 PM
To: Gianni Serazzi
Subject: Re:
it could be debt , there are many alternatives =C2 theory, concpet is that she needs to be first in line to=get her money
back . after a reasonable period of time
On Mon, Aug 17, 2015 =t 10:48 AM, Gianni Serazzi <serazzig@gmail.com <mailto:serazzi=@gmail.com» wrote:
=blockquote class="gmail_quote" style="margin:0 0 0.8ex;border-left:lp= tIccc solid;padding•left:lex"> For the italian
company I t=ink it will be difficult. Giancarlo is the Director of the company and I n=ed him to remain it. If I have 80% he
would probably still do it, if I hav= 50% even for a few years I don't think he will accept. There are also=other legal
implications I will look into.
On the Frenc= company it's much easier as it's a virgin structure and we could =et it up so that we can see 100% of the
invoicing done there separate from=ltaly.
Thx
On Mon, Aug 17, 2015 at 2:53 PM, je=frey E. <jeevacation@gmail.com <mailtoleevacation@gmail.com» wrote:
the speratation is somewhat artificial, =C2 so i think it would be probematic.
On Mon, Aug 17, 2015 at 12:41 AM, jeffrey =. <jeevacation@gmail.com <mailto:jeevacation@gmail.com»
wrote:
I think might want to invest 800 e.= in return she should receive 50 percent of the co. but you
wo=ld have the right to buy back half of her position anytime in the next thr=e years for 800 e. . in essence leaving you
with 75 % af=er she had her money back, as hers is the most at risk, since the p=ojections have been off dramatically,
On Sun, Aug 16, 2015 at 11:32 A=, Gianni Serazzi <
wrote:
Thank you for your support
I agre= that the situation was degenerating from last summer. I had to wait to in=ervene as I was still in
the group and I wanted in any case to get Giancar=o's shares back in case things went bad. I am now sure I will fix
it</=iv>
You have a clear situation in front of you, how wou=d you structure it the best?
Thx
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On Sun, Aug 16, 2015 at 3:21 PM, je=frey E. <jeevacation@gmail.com <mailto:jeevacation@gmail.com>
> wrote:
understood, as you are well aware, =the structures could range from a secured loan to biz and
you person=lly . security could not be subject to litigation. =C2 ex. structured so the burden is on you . not the lender.
the s=cuirty is transferred on closing and you get it back when money is repaid.=not the reverse, . i see that the decline
is over a year old.=C2 as you say re jean carlo, but obvious by nov. of 14, =AO , we are now sept 15. I only see numbers
, not mother=C2 or im sure a wide range of jean carlos excuses.
On Sun, Aug=16, 2015 at 8:48 AM, Gianni Serazzi w=ote:
I understand and I t=ank you for your consideration.
The 800 will go to cover net working capital coming from growth and to get =ne final
director for the print division. Of the other 3 directors one is =erforming really well and the other 2 I just brought them
over to these po=itions in July. If just one of them makes it we will be at 600k profit. Ab=ut 150-200k need to go to Paris
to bring in a strong team and finance net =orking capital.
As per the forecast vs actual you see very clearly the deter=oration coming in the
summer of 2014. Giancarlo started spending 2 days in=the agency, fired the director and then dealt with the problems
of h=s mother. I am confident that I will put it again on the right track. Not =asy but we will become as strong as fashion.
G
On Aug 16, 2015 2:33 PM, "Jeffrey E." =Itjeevacation@=mail.com
<mailto:jeevacation@gmail.com» wrote:
all the agencies , now sell for roughly 50 - 60=perecent of revenue, used to be
100 -125%. no valu= admitteldy to contingent case recovery, which could/ should be out=of the deal. ie you keep it .
. where does t=e 800 go, ? if it is to factor receivables. . one thing=C2 if it is to buy bookers. another, very aggressive
, prio= projections are a big neg factor. in valuations. very big. =AO. . some months are off by hundreds of percent. . not
good. . =AO I would like you to make a lot of money on your deal. =C2 so ownership , is not relevant getting the 800
bac= with security woudl be the issue,
On Sun, Aug 16, 2015 at 3:10 AM, Gianni S=razzi
<mailto: > wrote:
I think your consideration is accurate.
On top of it you should factor in
-800k would go entirely into the company so that should be added as post
mo=ey valuation
-on top what is the value of new management (myself) coming in at zero sala=y?
If we use market valuation that's quite an asset
-I only count the cash once we have it, however we have a lawsuit going on =ith
QVC the big client lost that stole our models internalizing them that =he lawyer says will pay minimum 300k and max
800k within 1 to 2 years
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-also please remember that it's written Ebitda but it's cash generation pure and
simple
Adding these aspects it brings you to the 4m post money valu=tion that I
honestly believe to be a fair value if I were sitting on the other side of the table
Thx
6
On Aug 16, 2015 5:03 AM, "Jeffrey E." =Itjeevacation@=mail.com
<mailto:jeevacation@gmail.com» wrote:
ive looked carefully at the bad projections and the c=rrent numbers only ebitda.
it looks as if the valu= and comps only give it a 1.5--2.2 value . .
=br>--
=please note
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=C2 please note
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</=iv>
=C2 please note
The informat=on contained in this communication is
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constitute inside information, and is intended only =or
the use of the addressee. It is the property of
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Unauthoriz=d use, disclosure or copying of this
communication or any part thereof =s strictly prohibited
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</=iv>
please note
Th= information contained in this communication is
confidential, may be at=orney-client privileged, may
constitute inside information, and is inte=ded only for
the use of the addressee. It is the property of
JEE
=nauthorized use, disclosure or copying of this
communication or any par= thereof is strictly prohibited
and may be unlawful. If you have receiv=d this
communication in error, please notify us immediately by
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please =ote
The information contained in this communication is
confiden=ial, may be attorney-client privileged, may
constitute inside informati=n, and is intended only for
the use of the addressee. It is the propert= of
JEE
Unauthorized use, disclosure or copying of this
communica=ion or any part thereof is strictly prohibited
and may be unlawful. If =ou have received this
communication in error, please notify us immediat=ly by
return e-mail or by e-mail to jeevacation@gmail.com <mailto:jeevacation@gmail=com> , and
destroy this comm=nication and all copies thereof,
including all attachments. copyright -=11 rights reserved
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